Andrew and Nicola Forrest’s philanthropic foundation has revealed extensive job cuts and spending cutbacks implemented last year as part of a planned restructure.
Andrew and Nicola Forrest’s philanthropic foundation has revealed extensive job cuts and spending cutbacks implemented last year as part of a planned restructure.
Minderoo Foundation’s latest annual report also confirms that it remains by far WA’s largest philanthropic foundation with $8.1 billion in net assets.
Staff numbers at the Perth-based foundation have been cut by 25 per cent to 206 full-time equivalent positions, comprising 169 full-timers and 73 part-timers and casuals.
That’s down from 277 FTEs one year earlier, comprising 203 full-timers and 160 part-timers and casuals.
Minderoo cut total spending by nine per cent to $244 million including a 10.8 per cent cut in grants and donations to $137 million.
Chief executive John Hartman said 2024 was a transformative year for Minderoo, with the group adopting a partner-led approach, empowering those closest to the challenges to lead the solutions.
It also sharpened its focus on three areas - communities, gender equality and natural ecosystems - while maintaining the ability to respond swiftly to crises.
The grants and donations included $46 million paid to other countries.
This included $US11.2 million to US charity Co-Impact Philanthropic Funds, Inc (which runs the Gender Fund) and $3.3 million to The Freedom Fund, which counts Grace Forrest as a director.
The group also paid $10 million for humanitarian relief in Gaza and $5 million to Ukraine for demining.
It has committed to provide a total of $US40 million to Gaza and Ukraine.
Recent commitments in Australia included $30 million to Edith Cowan University as part of a 25-year partnership with the Western Australian Academy of Performing Arts and $4 million to St Patrick’s Community Support Centre.
The group also committed to provide an additional $19 million contribution to the Early Years Partnership with the WA government, focusing on early childhood development in four communities.
Minderoo had large expenses outside grants and donations.
It spent $31 million on employee wages and $30 million on ‘project expenditure’, which included the engagement of subject matter experts and spending on advocacy strategies, systems, campaigning and research.
A further big outlay was $27 million on ‘corporate expenditure’.
While spending was down, Minderoo enjoyed a huge jump in total income to $790 million.
The main contributor was a surge in dividend income to $775 million, with most of this coming from Minderoo’s holding of Fortescue shares.
In June 2023, the Forrests donated 220 million Fortescue shares (worth $5 billion at the time) to Minderoo, adding to about 25 million Fortescue shares already held by the foundation.
Minderoo’s net assets stood at $8.1 billion as at June 2024, giving it the capacity to operate for decades to come.
The changes at Minderoo last year included the appointment of prominent barrister and company director Allan Myers as chairman in October.
Andrew and Nicola Forrest continue as directors despite announcing their separation in mid 2023.
The restructure at Minderoo coincided with Ms Forrest establishing her own charity early last year.
Coaxial Foundation’s first program, named Project Oasis, seeks to boost access to high-quality early learning in parts of Australia with limited childcare options.
Coaxial has expanded its board of directors, with Queenslander Julia Davison appointed as chair in October and Tanya Hosch joining as a director.
Ms Davison is a director at Paul Ramsay Foundation, which rivals Minderoo as Australia’s largest philanthropic foundation, and a board member at Childcare Economic Opportunity Fund NSW.
She was the founding chief executive of social enterprise Goodstart Early Learning, Australia's largest early learning provider.
